Showing posts with label Median Line. Show all posts
Showing posts with label Median Line. Show all posts
Wednesday, July 28, 2010
Crude Median Line
Price failed to tag it's Andrews Median line in Crude today. IF price breaks down from the Lower Median Line we could watch for a potential target/support via the pitchfork's warning line (red dotted line):
Thursday, April 29, 2010
lol
This is getting to be quite laughable really. For every move down the market makes it ends up making two back up (and typically via gaps).
Looking at the SPY with the Up/Down volume differential demonstrates the matter nicely:
Notice also that we are perhaps forming an expanding top pattern. So, if we make new highs in the next few days there's a good chance of a strong move down.
Besides, we have an overhead Median Line of a pitchfork that goes back to October of 2002 (also using the highs of 2007 and lows of 2009 as the remaining two pivots), coinciding with a multi-pivot overhead median line.
By the looks of it, this weekly SPY chart still looks like it's in Wave 3, no?
Looking at the SPY with the Up/Down volume differential demonstrates the matter nicely:
Notice also that we are perhaps forming an expanding top pattern. So, if we make new highs in the next few days there's a good chance of a strong move down.Besides, we have an overhead Median Line of a pitchfork that goes back to October of 2002 (also using the highs of 2007 and lows of 2009 as the remaining two pivots), coinciding with a multi-pivot overhead median line.
By the looks of it, this weekly SPY chart still looks like it's in Wave 3, no?
Tuesday, April 6, 2010
Just some charts
The inverse correlation between bonds and equities continues. The chart below using TLT and SPY as a proxy for Treasuries and the S&P respectively:
Curiously, the 10-yr just broke down from an Andrews Trigger Line
The SPY just keeps creeping up the Lower Median Line as
And the Q's, well a move up into the warning zone (right around $50) in the past has resulted in some unbearably choppy price behavior.
Curiously, the 10-yr just broke down from an Andrews Trigger Line
The SPY just keeps creeping up the Lower Median Line as
And the Q's, well a move up into the warning zone (right around $50) in the past has resulted in some unbearably choppy price behavior.
Thursday, April 1, 2010
More Median Lines
Of course after yesterday's post regarding the Andrews Median Line I have to now obsess over it and use it all over the place.
So, on with the charts.
Starting with a 30-min chart of IWM over the past 3-weeks. This one containing 3 forks (color coded in their labeling). The larger one (teal) has a trigger line drawn off of it being that price hasn't touched it's Median Line, so a short setup would be entertained should price close under the lower trigger line (all explained in yesterday's post). Today's open put price right at the Upper Line of the Red fork where price was rejected and we based around the yellow fork's median line before breaking down. I included the 3-cycle stochastic just for shits-and-giggles.
Looking closer on a trigger chart (5-minute) the Lower Trigger Line (LTL) is retained (teal line) to show how price based along this level before breaking down. The lows coincided with the Previous day's close on a momentum divergence, leading to a short covering rally back above the LTL. Unfortunately when I pressed the button to short this, I got the "Order Rejected" prompt, not cool.
Here's a look at the SPY 15-min chart with 3 forks on it:
Now to the Q's. I've been posting this chart lately, as we seem to be bumping up against this resistance level.
Here's a look at the 10-min chart where prices were sold at that $48.57 level. What's curious is the volume surge we saw come in this late afternoon. Merely a short-covering before the long weekend?
While price is just basing around...maybe we'll get a climactic gap up come next week.
If we were to gap up next week and test that $50 area, it fits right in with previous extremes on the 'ol Andrews Pitchfork:
And finally, take a look at the weekly stretching back to the bottom in '03. The median line acted as resistance on the first touch, before price came charging back above.
So, on with the charts.
Starting with a 30-min chart of IWM over the past 3-weeks. This one containing 3 forks (color coded in their labeling). The larger one (teal) has a trigger line drawn off of it being that price hasn't touched it's Median Line, so a short setup would be entertained should price close under the lower trigger line (all explained in yesterday's post). Today's open put price right at the Upper Line of the Red fork where price was rejected and we based around the yellow fork's median line before breaking down. I included the 3-cycle stochastic just for shits-and-giggles.
Looking closer on a trigger chart (5-minute) the Lower Trigger Line (LTL) is retained (teal line) to show how price based along this level before breaking down. The lows coincided with the Previous day's close on a momentum divergence, leading to a short covering rally back above the LTL. Unfortunately when I pressed the button to short this, I got the "Order Rejected" prompt, not cool.
Here's a look at the SPY 15-min chart with 3 forks on it:
Now to the Q's. I've been posting this chart lately, as we seem to be bumping up against this resistance level.
Here's a look at the 10-min chart where prices were sold at that $48.57 level. What's curious is the volume surge we saw come in this late afternoon. Merely a short-covering before the long weekend?
While price is just basing around...maybe we'll get a climactic gap up come next week.
If we were to gap up next week and test that $50 area, it fits right in with previous extremes on the 'ol Andrews Pitchfork:
And finally, take a look at the weekly stretching back to the bottom in '03. The median line acted as resistance on the first touch, before price came charging back above.
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